DICK'S Sporting Goods Inc (DKS) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Q1 2023 DICK'S Sporting Goods Earnings Conference Call. My name is Xannon, and I will be coordinating your call today. (Operator Instructions)

各位早安，歡迎參加迪克體育用品公司2023年第一季財報電話會議。我是主持人Xannon，今天我將負責協調本次會議。 （操作說明）

I will now hand you over to your host, Nate Gilch, Senior Director of Investor Relations. Nate, please go ahead.

現在我將把發言權交給主持人，投資者關係高級總監內特·吉爾奇。內特，請開始吧。

Good morning, everyone, and thank you for joining us to discuss our first quarter 2023 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

各位早安，感謝各位參加本次2023年第一季業績電話會議。今天出席會議的有我們的總裁兼執行長Lauren Hobart和財務長Navdeep Gupta。本次電話會議的錄音將在我們位於investors.dicks.com的投資者關係網站存檔約12個月。

As a reminder, we will be making forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and cautionary statements made during this call. We assume no obligation to update any of these forward-looking statements or information.

再次提醒，我們將作出一些前瞻性陳述，這些陳述受多種風險和不確定因素的影響，可能導致我們的實際業績與這些陳述有重大差異。任何此類陳述應結合我們在盈利報告中發布的警示性聲明以及我們向美國證券交易委員會（SEC）提交的文件（包括我們最近的10-K表格年度報告）中的風險因素討論以及本次電話會議中作出的警示性聲明進行解讀。我們不承擔更新任何此類前瞻性陳述或資訊的義務。

Please refer to our Investor Relations website to find a reconciliation of our non-GAAP financial measures referenced in today's call.

請查閱我們的投資者關係網站，以了解今天電話會議中提到的非GAAP財務指標的調節表。

And finally, for your future scheduling purposes, we are tentatively planning to publish our second quarter 2023 earnings results on August 22, 2023.

最後，為了方便您日後安排時間，我們暫定於 2023 年 8 月 22 日發布 2023 年第二季財報。

With that, I will now turn the call over to Lauren.

接下來，我將把通話交給勞倫。

Thank you, Nate, and good morning, everyone. We are very pleased with our first quarter results which demonstrate the continued strength of our business resulting from our focused strategies and the strong execution of our long-term transformation. While consumers face macroeconomic uncertainties, our athletes have continued to prioritize sport and rely on DICK'S to meet their needs. In fact, compared to the same period last year, more athletes purchased from us. They purchased more frequently and they spent more each trip. Our strategies are working and resonating with our athletes.

謝謝內特，大家早安。我們對第一季的業績非常滿意，這反映了我們業務的持續強勁成長，這得益於我們專注的策略和長期轉型計畫的有效執行。儘管消費者面臨宏觀經濟的不確定性，但我們的運動員仍然將運動放在首位，並信賴迪克體育用品公司來滿足他們的需求。事實上，與去年同期相比，在我們這裡購物的運動員人數更多了。他們的購物頻率較高，每次購物的消費額也較高。我們的策略行之有效，並引起了運動員的共鳴。

We remain enthusiastic about our business and our long-term growth plan. As the largest U.S. sporting goods retailer, we have robust runway for growth and are well positioned to continue gaining share in a fragmented $140 billion industry. We will build on our 2022 results, which set a new bar for us in both sales and profitability and provide an excellent foundation for growth this year and in the years ahead.

我們對公司業務和長期成長計劃依然充滿信心。作為美國最大的體育用品零售商，我們擁有強勁的成長潛力，並已做好充分準備，在規模達1,400億美元的分散型產業中持續擴大市場份額。我們將以2022年的業績為基礎，該業績在銷售額和盈利能力方面均創下新高，並為今年及未來幾年的成長奠定了堅實的基礎。

Today, we are reaffirming our guidance for 2023. We continue to expect our comparable store sales to be in the range of flat to positive 2%. We also continue to expect our earnings per diluted share to be in the range of $12.90 to $13.80, up 11% at the midpoint versus 2022.

今天，我們重申對2023年的業績預期。我們仍預期同店銷售額將持平或成長2%。我們也仍預期稀釋後每股盈餘將在12.90美元至13.80美元之間，中位數較2022年成長11%。

Now to our results. We achieved Q1 sales of $2.84 billion with total sales growth of 5.3% and comp growth of 3.4% as our compelling spring assortment allowed us to meet robust demand and deliver a fantastic athlete experience. We continue to gain market share and saw increases in both transactions and average ticket with strong transaction growth driving most of our comp gain.

現在來看我們的業績。第一季度，我們實現了28.4億美元的銷售額，總銷售額成長5.3%，同店銷售額成長3.4%。我們極具吸引力的春季新品系列滿足了強勁的市場需求，並為運動員提供了卓越的購物體驗。我們持續擴大市場份額，交易量和平均客單價均有所成長，其中強勁的交易量成長是同店銷售成長的主要驅動力。

Our gross margin represented a meaningful improvement from Q4 of 2022, and we delivered strong double-digit EBT margin of 11.6%. Our earnings per diluted share were $3.40, an increase of 19% over the prior year's quarter on a non-GAAP basis.

我們的毛利率較 2022 年第四季有了顯著提高，稅前利潤率也達到了強勁的兩位數，為 11.6%。以非 GAAP 準則計算，我們的稀釋後每股收益為 3.40 美元，比去年同期增加了 19%。

As we continue our transformational journey, our focus is centered around 4 key priorities: innovating within the athlete experience, curating a compelling and differentiated product assortment, providing a best-in-class teammate experience and driving deep engagement with the DICK'S brand.

在我們繼續轉型之旅的過程中，我們的重點圍繞著 4 個關鍵優先事項：在運動員體驗方面進行創新，精心打造引人注目且與眾不同的產品系列，提供一流的隊友體驗，並推動與 DICK'S 品牌的深度互動。

Innovating within our omnichannel athlete experience is at the heart of our growth strategies, and we continue to enhance and refine our highly engaging in-store service model to consistently support and inspire our athletes. The very best expression of this is DICK'S House of Sport. House of Sport is redefining sports retail and over the long term will be a significant part of our growth story and the primary driver of our square footage growth. House of Sport is fostering very strong engagement with both our athletes and our brand partners, all while delivering much higher sales and profit.

在全通路運動員體驗方面不斷創新是我們成長策略的核心，我們將持續改進和完善極具吸引力的店內服務模式，以持續支持和激勵我們的運動員。 DICK'S House of Sport 正是這理念的最佳體現。 House of Sport 正在重新定義運動零售，從長遠來看，它將成為我們成長故事的重要組成部分，也是我們門市面積成長的主要驅動力。 House of Sport 在提升銷售額和利潤的同時，也大大增強了我們與運動員和品牌合作夥伴之間的互動。

This year, we're on track to open 9 House of Sport locations ahead of the back-to-school season and are beginning construction on more than 10 additional locations that will open throughout 2024. By the end of 2027, we continue to estimate that we will have between 75 to 100 House of Sport locations nationwide.

今年，我們計劃在返校季前開設9家House of Sport門市，並已開始興建10多家新店，這些新店將於2024年陸續開幕。到2027年底，我們預計House of Sport在全國的門市數量將達到75至100家。

Furthermore, we're excited to provide a completely redesigned and reimagined experience for our athletes through our next-generation DICK'S store translated into our more traditional 50,000-square-foot format. This prototype is a great representation of key athlete insights that we've gained from House of Sport, including premium experiences, an elevated service model and enhanced visual expression. Our first location opened last week in South Bend, Indiana. We are really excited about this opportunity and look forward to continuing to develop and learn from this new store format.

此外，我們很高興能透過新一代 DICK'S 門市，為我們的運動員提供全新設計和構想的購物體驗。這款門市採用我們傳統的 50,000 平方英尺（約 4,700 平方米）店面形式。這項原型完美體現了我們從 House of Sport 計畫中獲得的運動員洞察，包括高端體驗、升級服務模式和更豐富的視覺呈現。我們的首家門市已於上週在印第安納州南本德市開業。我們對這機會充滿期待，並期待繼續發展和學習這種全新的門市模式。

In combination with our stores, our digital experience remains an integral part of our success, and we continue to invest in technology to strengthen our athletes' omnichannel experience. Recent enhancements are being well received by our athletes, including easier access to ScoreCard rewards, access to upcoming launches through a native sneaker release calendar and in-app reservation capabilities as well as in-store mode in the DICK'S app, which offers product scanning, access to ScoreCard offers and free shipping. Furthermore, our expansive database of our 150 million athletes is a tremendous asset that enables stronger, more personalized relationships with our athletes.

實體店與數位化體驗結合，仍然是我們成功的關鍵要素。我們將繼續投資技術，以提升運動員的全通路體驗。近期推出的多項改進措施廣受運動員好評，包括更便捷地獲取ScoreCard獎勵、透過原生球鞋發售日曆和應用程式內預訂功能了解即將發售的新品，以及DICK'S App中的店內模式，該模式提供產品掃描、ScoreCard優惠和免運費等功能。此外，我們擁有1.5億運動員的龐大資料庫，這是一項巨大的資產，能夠幫助我們與運動員建立更緊密、更個人化的關係。

We're also expanding our leadership position in the sports technology market through GameChanger, the premier video streaming, scoring and statistics mobile platform for youth sports. During Q1, GameChanger saw continued robust revenue growth and massive engagement increases. Nearly 2 million games were played on the -- were covered by the platform, up 25% over the same period last year, with over 1/4 of these games streamed live, a year-over-year increase of over 100%. We'll continue innovating and investing in our GameChanger business as we strengthen our relationships with our athletes on and off the field.

我們正透過GameChanger——領先的青少年運動視訊串流、計分和統計行動平台——進一步鞏固我們在運動科技市場的領先地位。第一季度，GameChanger的營收持續強勁成長，用戶參與度也大幅提升。該平台覆蓋的比賽場次接近200萬場，較去年同期增長25%，其中超過四分之一的比賽進行了直播，同比增長超過100%。我們將持續創新並加大對GameChanger業務的投入，同時加強與運動員在場上和場下的聯繫。

We're also advancing new strategic concepts to connect with our athletes. Our value chain stores are enabling a great experience for our value-conscious athletes while also serving as a critical component of our inventory optimization strategy. They allow us to move clearance product out of the DICK'S stores, opening up space for more full-price selling. At the same time, they allow us to provide full size and color runs clearance product for our athletes. We've been really pleased with the athlete feedback as well as the margin recapture rates from these stores.

我們也在推動新的策略理念，以便更好地與運動員建立聯繫。我們的價值連鎖店不僅為注重性價比的運動員提供了卓越的購物體驗，也是我們庫存優化策略的關鍵組成部分。這些門市使我們能夠將清倉商品從迪克體育用品店（DICK'S）中撤出，從而騰出空間銷售更多正價商品。同時，它們也讓我們能夠為運動員提供尺寸齊全、顏色豐富的清倉商品。我們對運動員的回饋以及這些門市的利潤率都非常滿意。

Next, within merchandising, we're curating a compelling and differentiated product assortment. As discussed on prior calls, footwear is a key pillar of our merchandising strategy. During the quarter, we converted nearly 20 additional stores to include premium full-service footwear. And by the end of the year, we'll take this experience to more than 75% of DICK'S chain. Our premium footwear decks have enabled us to expand our access to a wider assortment of differentiated product from key brand partners as well as new and emerging brands. We're confident that our ability to provide an elevated footwear experience will continue to foster strong engagement with our athletes as well as drive sales growth and robust margins.

接下來，在商品銷售方面，我們正在精心打造極具吸引力且獨特的產品組合。正如我們在之前的電話會議中討論過的，鞋類是我們商品銷售策略的關鍵支柱。本季度，我們新增了近20家門市，提供高端全方位鞋類服務。到年底，我們將把這項服務推廣到DICK'S連鎖店75%以上的門市。我們的高端鞋類專區使我們能夠從主要品牌合作夥伴以及新興品牌中獲得更多種類豐富的差異化產品。我們相信，我們能夠提供卓越的鞋類體驗，這將繼續增強我們與運動員的互動，並推動銷售成長和穩健的利潤率。

We remain committed to developing and investing in our vertical brands, which strongly resonate with our athletes. Our brands offer something for every athlete, including our DSG brand, which continues to play a pivotal role in our opening price point assortment.

我們始終致力於發展和投資旗下垂直品牌，這些品牌深受運動員喜愛。我們的品牌能夠滿足每位運動員的需求，其中包括DSG品牌，該品牌在我們入門級產品系列中繼續發揮關鍵作用。

We've also recently expanded our vertical brands into new product categories, including VRST and CALIA golf apparel as well as CALIA fitness accessories. The athlete response has been fantastic, and we're confident in our ability to continue growing our vertical brand portfolio.

我們近期也將旗下垂直品牌拓展至新的產品類別，包括VRST和CALIA高爾夫服裝以及CALIA健身配件。運動員的反應非常熱烈，我們有信心繼續發展壯大我們的垂直品牌組合。

Our third key priority is providing a best-in-class teammate experience. We strongly believe that highly engaged teammates are critical to a great athlete experience. Our culture is a key advantage, and we continue to be recognized by national media organizations and industry experts as a great place to work.

我們的第三項重點工作是提供一流的團隊成員體驗。我們堅信，高度投入的團隊成員是運動員獲得卓越體驗的關鍵。我們的企業文化是一項重要優勢，我們也持續獲得國家級媒體機構和產業專家的認可，被譽為理想的工作場所。

At the same time, we're making investments in foundational elements of our in-store experience to enable greater efficiency and productivity, including a new point-of-sale system with a more seamless checkout process. We also recently implemented a new HR management system across our organization, which will unlock further efficiencies in our workforce management. We're confident these investments will amplify our team's ability to provide an enhanced level of service to our athletes while supporting our strong culture.

同時，我們正在增加對店內體驗基礎要素的投入，以提高效率和生產力，包括採用全新的銷售點系統，打造更流暢的結帳流程。此外，我們近期也在全公司範圍內實施了新的人力資源管理系統，這將進一步提升我們的人力資源管理效率。我們相信，這些投入將增強團隊為運動員提供更優質服務的能力，同時也將鞏固我們強大的企業文化。

Lastly, we're driving deep brand engagement. As we celebrate our company's 75th anniversary this year, we recently launched our Sports Change Lives campaign. Our objective with this work is to unequivocally communicate who we are and what we stand for. DICK'S believes in the positive impact that sports participation has on physical and mental health, academic achievement and more broadly the ability of sport to bring together and inspire communities and the next generation of athletes. The feedback has been very positive, and it's clear our message is resonating. We're excited to build on this energy as we launch the second iteration of this campaign early next month, focused on telling stories of how sports changed the lives of several well-known athletes.

最後，我們正在大力提升品牌互動。今年正值公司成立75週年，我們近期推出了「運動改變人生」主題活動。我們希望透過這項活動清晰地傳達我們的品牌理念和價值觀。 DICK'S 堅信運動對身心健康、學業成就以及更廣泛的社會意義都具有積極影響，它能夠凝聚人心，激勵社區，並培養下一代運動員。活動反應熱烈，我們的訊息顯然引起了廣泛共鳴。我們很高興能夠在此基礎上，於下個月初啟動活動的第二階段，重點介紹幾位知名運動員如何透過運動改變人生的故事。

In addition, as part of our 75for75 Sports Matter Grant Program, our foundation will fund 75 under-resourced youth sports organizations, each with a $75,000 grant to keep kids playing.

此外，作為我們「75for75 體育至關重要」資助計劃的一部分，我們的基金會將資助 75 個資源匱乏的青少年體育組織，每個組織獲得 75,000 美元的資助，以讓孩子們繼續參與體育運動。

In closing, our strong Q1 performance is the direct result of our transformational journey. And we will continue to focus on athlete experience, differentiated product, teammate experience and brand engagement as the pillars of growth for our business. While the macroeconomic environment remains uncertain, we remain confident in our business and the strategies that will deliver sales and earnings growth this year and into the future.

總之，我們第一季的強勁業績直接得益於我們的轉型之旅。我們將繼續專注於提升運動員體驗、打造差異化產品、增強團隊成員體驗以及強化品牌互動，將其視為業務成長的支柱。儘管宏觀經濟環境依然充滿不確定性，但我們對自身業務以及能夠推動今年及未來銷售和獲利成長的策略充滿信心。

Before concluding, I'd like to thank all of our teammates across our company for their outstanding efforts and continued commitment to our business.

最後，我要感謝公司所有團隊成員為公司業務所做的傑出努力和持續奉獻。

I'll now turn the call over to Navdeep to review our financial results and outlook in more detail.

現在我將把電話交給納夫迪普，讓他更詳細地回顧我們的財務表現和展望。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our first quarter results.

謝謝勞倫，大家早安。我們先來簡單回顧一下第一季的業績。

We are very pleased to report a consolidated sales increase of 5.3% to $2.84 billion. Comp store sales increased 3.4%, driven by a 2.7% increase in transactions and a 0.7% increase in average ticket. Within our portfolio, our priority categories continued to perform very well, driven by our differentiated assortment across footwear, athletic apparel and team sports. The roughly 200 basis points of noncomp sales growth this quarter was driven by sales at our temporary Warehouse locations and from our newly acquired Moosejaw business.

我們非常高興地宣布，公司合併銷售額成長5.3%，達到28.4億美元。同店銷售額成長3.4%，主要得益於交易量成長2.7%及平均客單價成長0.7%。在我們的產品組合中，重點品類持續保持強勁表現，這主要得益於我們在鞋類、運動服裝和團隊運動產品方面差異化的商品組合。本季非同店銷售額成長約200個基點，主要來自臨時倉庫的銷售以及我們新收購的Moosejaw業務。

Gross profit in the first quarter remained strong at $1.03 billion or 36.19% of net sales. This represented a modest 28 basis point year-over-year decline and represented a meaningful improvement versus fourth quarter results of 2022. As planned, this decline was driven by lower merchandise margin of 136 basis points due to the normalization of the pricing activity relative to Q1 of 2022 when our inventory was quite lean. This was nearly all offset by lower supply chain costs, which leveraged 108 basis points.

第一季毛利維持強勁，達到10.3億美元，佔淨銷售額的36.19%。這比去年同期小幅下降28個基點，但較2022年第四季業績顯著改善。如預期，毛利下降的主要原因是商品毛利率下降136個基點，這是由於價格活動恢復正常，與2022年第一季庫存水準較低時相比，毛利率有所下降。不過，供應鏈成本的降低幾乎完全抵銷了這項影響，供應鏈成本的降低帶來了108個基點的毛利成長。

SG&A expenses were $693.9 million and deleveraged 162 basis points compared to last year. As expected, this deleverage was primarily driven by investments in our hourly wage rates, talent and technology to support our growth strategies. In addition, nearly 1/4 of this deleverage as a percentage of net sales was due to a net expense increase from the changes in the investment value of our deferred compensation plan, which is fully offset in other income.

銷售、管理及行政費用為6.939億美元，較上年下降162個基點。如預期，此次槓桿率下降主要得益於對時薪、人才和技術的投資，以支持我們的成長策略。此外，此槓桿率下降佔淨銷售額的比例接近四分之一，是由於遞延薪酬計畫投資價值變動導致的淨費用增加，但這部分增加已在其他收入中完全抵銷。

Interest expense was $15 million, a decrease of $10.6 million compared to the same period last year. This decrease was primarily due to the inducement charges related to the exchange of our convertible senior notes we incurred in the prior year as well as interest expense savings this year from the retirement of these notes.

利息支出為1500萬美元，較去年同期減少1060萬美元。這項減少主要是由於去年因可轉換優先票據交換而產生的誘導費用，以及今年因償還這些票據而節省的利息支出。

Other income totaled $17.7 million compared to the expense of $9 million in the same period last year. This $26.7 million increase in income was primarily driven by a $16.6 million increase in the interest income as a result of higher average interest rates on our cash and cash equivalents. Other income also included an expense reduction from changes in our deferred compensation plans, which fully offset the SG&A expense increase mentioned earlier.

其他收入總計1,770萬美元，而去年同期支出為900萬美元。收入增加2,670萬美元主要得益於現金及現金等價物平均利率上升，導致利息收入增加1,660萬美元。其他收入還包括遞延薪酬計畫調整所帶來的支出減少，完全抵銷了前文提及的銷售、管理及行政費用（SG&A）的成長。

Driven by our strong sales and gross margin, along with lower interest expense and higher other income, EBT was $328.3 million, 11.55% of net sales. This compares to an EBT of $331.9 million or 12.29% of net sales in 2022.

由於強勁的銷售額和毛利率，以及較低的利息支出和較高的其他收入，稅前利潤為3.283億美元，佔淨銷售額的11.55%。相較之下，2022年的稅前利潤為3.319億美元，佔淨銷售額的12.29%。

Our Q1 tax rate was 7.2%, which was meaningfully lower than our typical quarterly tax rate driven by the favorable rate impact of the vesting of employee equity awards and exercises during the quarter. This favorably impacted our first quarter earnings by approximately $0.50 compared to the same period last year.

我們第一季的稅率為7.2%，遠低於我們通常的季度稅率，這主要得益於員工股權獎勵歸屬和行使在本季帶來的有利稅率影響。與去年同期相比，這使我們第一季的收益增加了約0.50美元。

In total, we delivered earnings per diluted share of $3.40. This compares to a non-GAAP earnings per diluted share of $2.85 last year, an increase of 19%.

我們總共實現了每股攤薄收益 3.40 美元。相比之下，去年的非 GAAP 每股攤薄收益為 2.85 美元，成長了 19%。

Now looking to our balance sheet. We ended Q1 with approximately $1.6 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our quarter end inventory levels increased 7% compared to Q1 of last year. Our inventory is clean and well positioned.

現在來看我們的資產負債表。第一季末，我們持有約16億美元的現金及現金等價物，且未動用16億美元的無擔保信貸額度。與去年同期相比，季度末庫存水準成長了7%。我們的庫存狀況良好，庫存週轉合理。

Turning to our first quarter capital allocation. Net capital expenditures were $61 million, and we paid $105 million in quarterly dividends. We also repurchased 418,000 shares of our stock for $57.7 million at an average price of approximately $138. Furthermore, we retired the remaining $59 million of outstanding convertible senior notes and related bond hedges and warrants for 1.7 million shares of our common stock. As of April 18, these notes have been fully retired.

接下來談談我們第一季的資本配置。淨資本支出為6100萬美元，我們支付了1.05億美元的季度股息。此外，我們以平均每股約138美元的價格回購了41.8萬股股票，總額為5770萬美元。同時，我們以170萬股普通股贖回了剩餘的5,900萬美元未償還可轉換優先票據及相關債券對沖和認股權證。截至4月18日，這些票據已全部贖回。

Now turning to our outlook for 2023. Assuming no material change in consumer spending behavior or in the macroeconomic environment, we are reaffirming our expectation for EPS and comp sales. We continue to expect earnings per diluted share to be in the range of $12.90 to $13.80, which includes approximately $0.20 coming from the 53rd week. At the midpoint, this represents 11% increase versus 2022 or up 9% on a 52-week comparable basis.

現在我們來展望2023年。假設消費者支出行為或宏觀經濟環境沒有重大變化，我們將重申對每股盈餘和同店銷售額的預期。我們仍然預計稀釋後每股收益將在12.90美元至13.80美元之間，其中包括來自第53週的約0.20美元。以中位數計算，這相當於較2022年成長11%，或以52週可比口徑計算成長9%。

We are also maintaining our comparable store sales expectation between flat and plus 2% and continue to expect comps to be stronger in the first half due to the improved inventory availability compared to last year. At the midpoint, EBT margin is expected to be approximately 11.6%. We continue to expect improvement in gross margin, which will sequentially improve throughout the year. We also continue to expect SG&A expenses to deleverage, primarily due to the investment in our long-term growth strategies.

我們維持對同店銷售額持平或成長2%的預期，並繼續預期上半年同店銷售額將有所成長，這主要得益於庫存供應情況較去年有所改善。預計稅前利潤率（EBT利潤率）中位數約為11.6%。我們繼續預期毛利率將有所改善，並在全年持續提升。此外，我們持續預期銷售、管理及行政費用（SG&A費用）將有所下降，這主要得益於我們對長期成長策略的投資。

Our earnings guidance is based on approximately 88 million average diluted shares outstanding and an effective tax rate of approximately 21% compared to a prior expectation of approximately 22%. In addition, we are maintaining our expectations for net capital expenditure to be between $500 million (sic) [$550 million] to $600 million for the year.

我們的獲利預期基於約8,800萬股平均稀釋後流通股和約21%的有效稅率，而先前的預期約為22%。此外，我們維持對全年淨資本支出在5億美元（原文如此）[5.5億美元]至6億美元之間的預期。

Lastly, in March, we completed our acquisition of Moosejaw and are thrilled to welcome their passionate and dedicated team into DICK'S Sporting Goods family. Together, we are excited to serve the outdoor community through the collective strength of Public Lands and Moosejaw brands.

最後，在三月份，我們完成了對 Moosejaw 的收購，非常高興地歡迎他們充滿熱情、敬業奉獻的團隊加入 DICK'S Sporting Goods 大家庭。我們將攜手 Public Lands 和 Moosejaw 兩大品牌，共同為戶外運動愛好者提供服務。

For just over 10 months in 2023, we expect Moosejaw will add approximately $100 million in net sales. However, it will not impact our comp expectations. We have incorporated the impact of Moosejaw into our full year EPS outlook.

我們預計 Moosejaw 將在 2023 年的十個月內帶來約 1 億美元的淨銷售額。然而，這不會影響我們的同店銷售預期。我們已將 Moosejaw 的影響納入全年每股盈餘預期。

In closing, we are very pleased with our Q1 results as we continue to implement our strategic initiatives to drive sales and profitable growth.

最後，我們對第一季的業績非常滿意，我們將繼續實施策略舉措，以推動銷售和獲利成長。

This concludes our prepared comments. Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

我們的發言到此結束。感謝您對迪克體育用品的關注。接線員，現在可以開始接受提問了。

Operator, we're ready for questions.

接線員，我們已準備好回答問題。

(Operator Instructions) Our first question today goes to Simeon Gutman of Morgan Stanley.

（操作員說明）我們今天的第一個問題來自摩根士丹利的西蒙古特曼。

My first question is, I think, Navdeep, in your prepared remarks, you said if the macro or the consumer stays the same. Are you basing that on how the year started or how the current -- I guess, how the most recent trends look? Meaning has the consumer weakened at all and that's what you're basing? And then as part of this question, if sales are weaker, I wanted to talk about GM or gross margin and what's different in how you're managing it, how you're looking at markdowns and basically how GM behaves if sales are weaker.

我的第一個問題是，Navdeep，你在事先準備好的發言稿中提到，如果宏觀經濟或消費者保持不變，那麼你的判斷是基於年初的情況，還是基於當前的——我猜——最近的趨勢？也就是說，消費者是否有減弱，而這正是你的依據？另外，如果銷售額下降，我想談談毛利率，以及你在管理毛利率方面有何不同，你如何看待降價促銷，以及在銷售額下降的情況下毛利率會如何變化。

Simeon, I'll start off the question and turn it to Navdeep. But in terms of the macro environment, we are coming off of a Q1 that we're very, very excited about. We had a 3.4% comp, 5.3% total sales. And I think it's important to look at the breakdown of where those sales came from. We had really strong transaction growth, 2.7 points of transaction growth in there. We had ticket growth. We have more athletes purchasing from us, purchasing more frequently and spending more per trip. And I think very importantly, you have to look at each of our income demographics. And we saw growth across every single income demographic, from a lower-income consumer to an upper-income consumer. We did not see trade down from best to better or better to good.

西蒙，我先提問，然後把問題交給納夫迪普。就宏觀環境而言，我們剛剛結束了一個令我們非常振奮的第一季。同店銷售額成長了3.4%，總銷售額成長了5.3%。我認為分析這些銷售額的組成非常重要。我們的交易量成長非常強勁，達到了2.7個百分點。客單價也有所成長。越來越多的運動員選擇在我們這裡購物，他們購買的頻率更高，每次消費金額也更高。我認為非常重要的是，我們必須關注我們各個收入群體的消費。我們看到，從低收入消費者到高收入消費者，所有收入群體都實現了成長。我們沒有看到消費者從“最佳”降級到“更好”，或從“更好”降級到“一般”。

Overall, we really feel very good about how our consumer is holding up. So Navdeep's remarks just indicated, barring some major macroeconomic change or major change in consumer, we're reaffirming our guidance, feeling really good about it. And I will turn it to Navdeep now on the gross margin question.

整體而言，我們對消費者的表現非常滿意。因此，Navdeep 的發言表明，除非出現重大的宏觀經濟變化或消費者行為的重大變化，否則我們將重申業績指引，對此我們充滿信心。現在，我將把毛利率的問題交給 Navdeep 來回答。

Simeon, coming to the gross margin, I think we will first pivot to when you look at the diverse categories of the product that we carry in our stores and how well our assortment that we have in our stores is resonating with the athletes. We have reiterated our confidence that we believe that the merch margin will continue to improve as we go through the year. And we don't intend to lead with promotions, and we'll continue to watch the overall macro landscape very carefully. But we are confident in the outlook that we have provided for full year.

西蒙，關於毛利率，我認為我們首先要關注的是我們門市銷售的產品種類繁多，以及這些產品組合與運動員的契合度。我們重申，我們相信商品毛利率會在今年持續提升。我們不打算以促銷活動為首要目標，並且會繼續密切關注整體宏觀經濟情勢。但我們對全年業績展望充滿信心。

Okay. My quick follow-up is on the sporting goods category broadly. Thinking of reversion, we've talked a lot about some of the big-ticket items, ones even that were COVID winners. Curious if there's any change in underlying unit consumption there or any other -- some of the COVID winning categories and how they're behaving.

好的。我接下來想快速了解一下體育用品這個大類的情況。考慮到價格回落，我們之前討論了很多高價商品，甚至包括一些疫情期間受益的商品。我想知道這些商品以及其他一些疫情期間受益的品類，它們的實際銷售量是否有所變化——它們的走勢如何？

Yes, Simeon, I think the story for us is really about our core categories. So we saw strong growth in footwear, in team sports, in apparel throughout the quarter. Some of those COVID categories you talked about, maybe bikes or fitness, they are all -- while they have retrenched, they're well above where they were in 2019, golf included. And we think they have long-term growth. So we've been dealing with the pandemic quote/unquote -- pandemic surging categories for some time. Our core businesses are doing very well and driving our growth.

是的，西蒙，我認為對我們來說，真正的故事在於我們的核心類別。整個季度，鞋類、團隊運動和服裝都實現了強勁成長。你提到的那些受疫情影響的品類，例如自行車或健身器材，雖然有所回落，但都遠高於2019年的水平，高爾夫也不例外。我們認為這些品類具有長期成長潛力。所以，我們一直在應對疫情帶來的所謂「激增」品類。我們的核心業務表現非常出色，並推動我們的成長。

Simeon, I'll just add to what Lauren said. It is exactly in these categories that we are continuing to gain share. And so that's what gives us the confidence as we look at the long-term expectation of our business.

西蒙，我補充一下勞倫剛才說的。正是在這些品類中，我們的市佔率持續成長。也因為如此，我們對公司的長期發展前景充滿信心。

Our next question comes from Adrienne Yih.

下一個問題來自艾德麗安·伊。

Congratulations on a great start to the year. Lauren, my question is on the restocking cycle within wholesale and sort of new innovation, new brands coming to the forefront. Just wondering, obviously, inventory better in the first half. Is that suggestive that you've restocked kind of in categories that were under-inventoried and that perhaps the kind of outlook for the back half is a little bit more tempered?

恭喜你今年開局良好。勞倫，我的問題是關於批發行業的補貨週期，以及一些創新產品和新品牌的出現。顯然，上半年的庫存狀況良好。這是否意味著你們已經對之前庫存不足的品類進行了補貨，而下半年的前景可能略顯謹慎？

And then my second question is just, Navdeep, can you help us with the shaping of the comp and gross margin over the quarters? I'm assuming still nicely positive comp Q2, maybe flattish to negative in the back half but with significant gross margin expansion.

我的第二個問題是，Navdeep，你能幫我們分析一下各季同店銷售額和毛利率的走勢嗎？我假設第二季同店銷售額仍會保持良好的正成長，下半年可能會持平甚至負成長，但毛利率會顯著提升。

Yes. Thanks, Adrienne. You're right, if you go back a year in time, we were really out of stock. Whole industry was out of stock. Supply chain disruptions had created an issue for the whole category. And so what's wonderful now is the supply chain is mostly flowing. We're feeling like product is coming in. Our spring assortment looked terrific. Our summer assortment, which is set now, looks absolutely terrific. And so we are -- that is helping obviously drive some of our growth, our sales growth.

是的，謝謝你，艾德琳。你說得對，如果回顧一年前，我們當時真的缺貨。整個產業都缺貨。供應鏈中斷為整個品類帶來了問題。所以現在最棒的是，供應鏈基本上恢復正常了。我們感覺產品正在陸續到貨。我們的春季系列看起來很棒。我們現在已經確定的夏季系列也絕對精彩。所以，這顯然有助於推動我們的成長，也就是銷售成長。

I'll turn it to Navdeep, but you will see as we start to comp what was then the counteracting of the delayed inventory, the apparel that came in so late last year, you will see gross margin start to increase over the course of the year, and you'll see comps slightly declining, all of that just dealing with the base of the cycles that happened last year. Navdeep, what would you add?

我把這個問題交給納夫迪普，但你會看到，當我們開始比較去年因庫存延遲（尤其是去年到貨較晚的服裝）而造成的損失時，毛利率會在這一年中開始增長，而同店銷售額會略有下降，所有這些都只是基於去年周期性波動的基礎數據。納夫迪普，你還有什麼要補充的嗎？

Adrienne, I'll build on what Lauren said. We expect the comps to be stronger in the first half of 2023. Like Lauren said, much better inventory availability and inventory position this year compared to last year. And if you don't mind, just to remind you all that the second half comp in last year for us was plus 6%. So we are up against really strong comps from the back half as we look to the 2023.

艾德琳，我補充一下勞倫剛才說的話。我們預計2023年上半年的同店銷售額會更高。正如勞倫所說，今年的庫存供應和庫存狀況都比去年好得多。另外，如果你們不介意的話，我想提醒大家，去年下半年我們的同店銷售額成長了6%。所以，展望2023年下半年，我們將面臨非常強勁的同店銷售成長。

In terms of the merchandise margin, as we have reiterated, we expect merch margin to continue to improve and build as we go into the year, also driven by the freight expenses leverage that we are expecting that we capitalized from a balance sheet perspective.

就商品毛利率而言，正如我們重申的那樣，我們預計商品毛利率將在今年繼續改善和成長，這也得益於我們從資產負債表角度所預期的貨運費用槓桿作用。

Okay. And the stores do look great.

好的。而且這些商店看起來確實很棒。

Thank you, Adrienne.

謝謝你，艾德琳。

Thanks, Adrienne.

謝謝你，艾德琳。

Our next question comes from Robbie Ohmes from Bank of America.

下一個問題來自美國銀行的羅比·奧姆斯。

Guys, a couple of things. I was hoping you could maybe talk about the comp trend through the quarter and if you guys feel like you saw some weather impact and if you'd be kind enough to give us any sort of thoughts on quarter-to-date trends.

各位，有幾件事想問一下。我希望你們能談談本季同店銷售趨勢，以及你們是否覺得受到了天氣的影響，也希望你們能分享一下對本季至今趨勢的看法。

I'll answer the first part of your question. Overall, the entire quarter was strong. We had growth in every single month. February was a very strong month. The weather was more in our favor. But across the board, we didn't see a major weather impact when you look at the whole quarter in total. We're not going to comment on quarter-to-date trends. Just too soon. Most of the quarter's ahead of us.

我先回答你問題的第一部分。整體而言，整個季度表現強勁。每個月都實現了成長。二月尤其強勁，天氣對我們比較有利。但總的來說，從整個季度來看，天氣並沒有造成太大影響。我們不打算對本季至今的趨勢發表評論，現在下結論還為時過早。本季的大部分時間還沒到。

Got it. I had to try, Lauren. But -- and then my follow-up question is on the transaction's strength, I think, stands out. Was that led by digital versus stores?

明白了。我得試試，勞倫。但是——接下來我想問的是，這筆交易的優勢，我認為最突出。是線上通路還是實體店促成了這筆交易？

Actually, it's both, Robbie. We are seeing strong transaction growth in brick-and-mortar stores as well as online, something that we're very, very excited about.

實際上，兩者都是，羅比。我們看到實體店和線上交易量都實現了強勁成長，這讓我們非常非常興奮。

That's great. And then the last one is a lot of people are talking about seeing this emerging resistance to big-ticket stuff. Is that something you didn't see? And I'm kind of asking in the context of you guys continue to elevate the assortment. Is there any -- is there not resistance to elevating the assortment? Or are you also augmenting with a lot of new introductions of lower price point?

太好了。最後一點是，很多人都在討論消費者對高價商品的抵觸情緒正在抬頭。你們沒有註意到這一點嗎？我問這個問題是想結合你們不斷提升產品檔次的背景。你們在提升產品檔次方面是否遇到阻力？或者說，你們是否也在推出很多價格更低的新品？

Robbie, it's a great question. And consumers are opting to spend their money on whatever is important to them. So for example, we have brought in the upper echelon of soccer cleat and other equipment in our stores, and people are absolutely voting with those -- with their pocketbooks for those items.

羅比，你問得好。消費者會選擇把錢花在他們認為重要的東西上。例如，我們店裡引進了最高檔的足球鞋和其他裝備，人們也確實用實際行動——用錢包投票——購買了這些商品。

At the same time, we've got opening price point. We always have entry-level product. So we do not see a major resistance to big-ticket items. We just see that people are opting to invest in the things that are important to them, and health and wellness and team sports and being outside are part of those categories that are important to them.

同時，我們也設有入門價位。我們始終提供入門級產品。因此，我們並未看到消費者對高價商品有重大抵觸情緒。我們看到的是，人們傾向於投資對他們而言重要的東西，而健康、養生、團隊運動和戶外活動正是他們所重視的領域。

Our next question comes from Warren Cheng from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Warren Cheng。

Just a follow-up on Simeon's question. I know your base case outlook that you just outlined is for merch margins to continue to improve throughout the year. But as we think about just the possible scenarios for how this year may play out, in a downside scenario where things get a lot more competitive, the environment gets a lot more competitive, more promotional over the summer or over the fall, how would you balance maintaining these merch margin gains you've achieved through COVID versus just keeping your foot on the gas and making sure that doesn't come at a cost of market share?

關於西蒙的問題，我再補充一點。我知道您剛才概述的基本預期是商品利潤率將在全年持續成長。但是，如果我們考慮今年可能出現的各種情況，例如市場競爭加劇，夏季或秋季促銷活動增多，您會如何平衡在疫情期間取得的商品利潤率增長與繼續保持增長勢頭，並確保不會因此損失市場份額？

Yes. Warren, I would again reiterate what we have consistently said. First of all, it all goes back to having a very differentiated assortment, a differentiated assortment that is not only narrowly distributed but also is in really, really high demand when we look from the athletes. So it goes first and foremost to that.

是的，華倫，我想再次重申我們一直以來的觀點。首先，一切都歸結於擁有高度差異化的產品組合，這種差異化的產品組合不僅分佈範圍窄，而且從運動員的角度來看，它們的需求量非常非常高。所以，這才是最重要的。

The second thing I would again reiterate is that we will continue to have a balanced approach to what is right for the athlete as well as what is right for the company. We have always made the decisions that way, and we continue to believe that we will be able to act like that as we have guided today.

第二點我想再次重申，我們將繼續秉持平衡的原則，兼顧運動員和公司的利益。我們一直以來都是這樣做決定的，而且我們相信，正如我們今天所展現的那樣，我們將繼續這樣做。

I would add one thing to your comments, Navdeep. Our value chain and Warehouse stores are a really great tool for us to clear out the product, be able to bring in fresh product to the DICK'S store but also make more product size runs, color runs available to the value-conscious consumer. So we have a tool now that helps us manage through this significantly.

Navdeep，我想補充一點。我們的價值鏈和倉儲式門市對我們來說是一個非常強大的工具，它不僅能幫助我們清理庫存，還能為 DICK'S 門市引進新鮮產品，同時也能為注重性價比的消費者提供更多尺寸和顏色選擇。所以，我們現在有了這個工具，可以大大幫助我們應對這種情況。

That's really helpful. And then as my follow-up, I just wanted to ask about the new store components of the algorithm over the next few years. So you've given us some parameters around House of Sport. But how should we think about Public Lands and some of the outdoor or clearance concepts that you've been working on?

這真的很有幫助。接下來，我想問未來幾年演算法中新增的店鋪組成部分。您已經給了House of Sport的一些參數。那麼我們應該如何看待Public Lands以及您一直在發展的一些戶外或清倉概念呢？

Yes. So as Lauren indicated in our prepared comments, our long-term growth will continue to come out of the House of Sport model that we are building. We are really, really optimistic about the 3 stores that we have operating and our expectation to open about 20 stores in the next couple of years and 75 to 100 doors over the next 5 years.

是的。正如勞倫在我們事先準備好的演講稿中提到的，我們正在建立的House of Sport模式將繼續推動我們的長期成長。我們對目前營運的3家門市充滿信心，並預計在未來幾年內開設約20家門市，在未來5年內開設75至100家門市。

Public Lands, I would say, it's still something that we are continuing to refine our learnings. And especially with the Moosejaw acquisition, we are looking back and saying how best do we serve that athlete. It's a $40 billion industry which is highly fragmented. So we see a long-term great growth opportunity there. We'll just continue to learn and test with the Public Lands concept.

就公共土地而言，我認為我們仍在不斷改進這方面的知識。尤其是在收購 Moosejaw 之後，我們正在回顧過去，思考如何才能更好地為運動員服務。這是一個價值 400 億美元且高度分散的產業。因此，我們看到了其中蘊藏的巨大長期成長潛力。我們將繼續學習和實踐公共土地的概念。

And I would add one other thing, which is you didn't ask for -- about Golf Galaxy Performance Center, but we'll also be growing those concepts.

我還要補充一點，雖然你沒問到──關於高爾夫銀河性能中心，但我們也會發展這些概念。

Our next question comes from Brian Nagel from Oppenheimer.

我們的下一個問題來自奧本海默公司的布萊恩·納格爾。

Nice quarter. Congratulations.

不錯的季度業績。恭喜！

Thank you.

謝謝。

Thank you.

謝謝。

So my questions -- and I guess I'm going to ask a couple of questions basically, just kind of level set here with what you're seeing versus maybe some of the noise that we -- that's been taking place within your broader space. But -- so as you look at the sector now, how do you view inventories? And I know this is a follow-up to some of the prior questions, but these inventories, it seems like DICK'S is managing them well. I mean is there an inventory issue beyond DICK's, something you have to -- give you worry about or you think about?

所以我的問題——我想我基本上會問幾個問題——是為了釐清您目前所看到的實際情況，以及可能存在的一些幹擾因素。例如，您現在如何看待整個產業的庫存問題？我知道這算是對之前一些問題的補充，但就庫存而言，DICK'S 似乎管理得很好。我的意思是，除了 DICK'S 之外，是否存在其他庫存問題，或者您認為需要擔心或考慮的問題？

And then secondly, just with regard to sales. Obviously, your sales performed quite well here. But are you seeing any signals whatsoever of kind of a moderation, that more discretionary-type area?

其次，就銷售方面而言。顯然，你們的銷售業績相當不錯。但是，你們是否觀察到任何放緩的跡象，尤其是在非必需消費領域？

Great questions, Brian. So starting with inventories, we are managing our inventory well. Our inventory is clean. It's well positioned. And I think what's very important for -- to realize is that our inventory and our products now are very narrowly distributed. So we have more of a moat against any industry-level promotion that might have affected us in a -- time ago when there was just wide distribution of similar products. So we are not expecting to have -- to go into a major promotional cycle here. We're very proud and happy with the inventory levels that we have, and the assortment is a real asset here.

布萊恩，問得好。首先說說庫存，我們庫存管理得很好。庫存充足，擺放位置合理。我認為非常重要的一點是，我們現在的庫存和產品分佈非常集中。因此，我們擁有更強的競爭優勢，能夠抵禦產業層面的促銷活動，這在過去同類產品廣泛分佈的情況下可能會對我們造成影響。所以我們預計不會進入大規模的促銷週期。我們對目前的庫存水準非常滿意，豐富的產品種類也是我們的一大優勢。

In terms of discretionary spending, I really -- we talk a lot about this, and I just want to clarify how we're looking at it. Discretionary spending means different things to different people. And if you are a runner or you want to be outside or you want to play golf or you have a kid and they play team sports, it's not really discretionary to need to replace that equipment. I mean those are choices that feel more like a necessity, and they're choices that people invest in. And so we are very -- we are optimistic going forward, and we're not seeing any moderation of what we would say discretionary spending that's impacting our business in a meaningful way.

關於可自由支配支出，我們經常談到這一點，我只想澄清一下我們是如何看待這個問題的。可自由支配支出對不同的人來說意義不同。如果你是跑步愛好者，或喜歡戶外活動，或是想打高爾夫，又或是你的孩子參加團隊運動，那麼更換運動裝備就不能算是可自由支配的支出了。我的意思是，這些選擇更像是必需品，是人們願意投資的。因此，我們對未來非常樂觀，目前為止，我們還沒有看到任何可自由支配支出出現任何對我們業務產生實質影響的放緩跡象。

Our next question comes from Kate McShane from Goldman Sachs.

下一個問題來自高盛的凱特·麥克沙恩。

We wanted to ask about the Going, Going, Gone! strategy for the fiscal year. Could you remind us how many you plan to have opened this year maybe versus last year? What component is pop-up versus maybe more permanent? And is there a way to quantify how this concept impacts your merch margins versus maybe being more promotional in the store?

我們想了解貴公司本財年的「快閃店」策略。能否告知一下貴公司今年的計畫新店數量，與去年相比如何？快閃店和長期店的定位有何不同？此外，能否量化這種模式對商品利潤率的影響，並與店內促銷活動進行比較？

Kate, let me take the second part of the question first. So as we have said, we are really happy with the Going, Going, Gone! and the Warehouse store strategy that we have had. We have perfected this work over the last 3 years now. What it has allowed us to do is to move more clearance inventory out of the DICK'S store into our Going, Going, Gone! channel. What it allows us to do is, one, get much better recovery rate on the clearance margin in the -- in this value chain store itself. In addition, you are able to replace that inventory that was in the DICK'S store with more regular-priced merchandise, which is bringing up the overall sales within the DICK'S store as well.

凱特，我先回答問題的第二部分。正如我們之前所說，我們對「清倉甩賣」（Going, Going, Gone!）和倉儲式門市的策略非常滿意。過去三年，我們不斷完善這項策略。它使我們能夠將更多清倉庫存從迪克體育用品店轉移到「清倉甩賣」管道。這樣做的好處是：首先，我們在這個價值連鎖店中獲得了更高的清倉利潤率。其次，我們能夠用更多正價商品取代迪克體育用品店中的清倉庫存，進而提升迪克體育用品店的整體銷售額。

In terms of the store count itself, Going, Going, Gone!, we anticipate having -- end of quarter, we had 15 stores and Warehouse plus -- or the Warehouse stores were 40. And we are converting 10 of them, 10 of the Warehouse locations into Going, Going, Gone! as part of the confidence that we have in those locations as part of the plan that we have laid out for CapEx guidance for this year.

就門市數量而言，我們預計到季度末，我們將擁有 15 家門市和 40 家倉儲式門市。我們正在將其中 10 家倉儲式門市改造成「Going, Going, Gone!」店，這是我們對這些門市充滿信心，也是我們今年資本支出指導計畫的一部分。

Yes, Kate, I think the pop-up versus permanent is an ongoing part of the strategy because we are doing what we're calling try before we buy in terms of putting permanent locations. But we find we're able to flex these pop-up stores quickly and then shut them down if it's either the wrong location or we don't have a need for it. So the pop-up is a long-term part of the strategy.

是的，凱特，我認為快閃店與永久店的模式是我們策略中持續存在的一部分，因為在開設永久店面方面，我們採取的是「先試後買」的策略。我們發現，快閃店可以靈活調整，如果選址不當或不再需要，就可以迅速關閉。因此，快閃店是我們長期策略的一部分。

Our next question comes from Michael Lasser from UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

This is Isabel Thompson on for Michael Lasser. Maybe just to start, how much did the expansion of premium footwear along with attachments to those transactions contribute to the comp in the first quarter? And then when does this become less of a driver to the top line?

這裡是伊莎貝爾·湯普森，替麥可·拉塞爾發言。首先，高端鞋履的擴張以及相關交易在第一季對同店銷售額的貢獻有多大？然後，這種貢獻何時會減弱？

Isabel, I think I heard your last part of your question. But the premium footwear decks are a key part of our strategy. We will continue. And by the end of the year, we'll have 75% open. We don't get into specifically by category or transactions attributed to the category, but I will say footwear was a very solid -- very strong contributor to us over the course of the quarter.

伊莎貝爾，我想我聽到了你問題的最後一部分。高端鞋履板塊是我們策略的關鍵組成部分。我們會繼續推進。到年底，我們將開放75%的板塊。我們不提供按類別或類別劃分的具體交易數據，但我可以肯定地說，鞋履在本季度為我們貢獻了非常穩健的業績。

We think footwear is the engine that drives the train. Footwear is a really important part of our entire assortment. And so we're not looking -- and looking at a time when footwear becomes less of a driver to top line sales, we just continue to try to elevate our assortment and our products for our athletes to come in.

我們認為鞋類是推動業務發展的引擎。鞋類是我們所有產品組合中至關重要的一部分。因此，我們不會放眼未來——即使鞋類對銷售額的驅動力有所下降——我們也會繼續努力提升產品組合，為我們的運動員提供更優質的產品。

Okay. And then maybe as a follow-up, we've heard from many other retailers about the weakness in discretionary category. Have you seen this in the business, especially into May? And what levers can DICK'S pull in order to address a more value-conscious consumer?

好的。接下來我想問的是，我們從許多其他零售商那裡了解到非必需品類銷售疲軟。您在公司內部是否也觀察到了這種情況，尤其是在五月？為了迎合更加重視性價比的消費者，DICK'S可以採取哪些措施？

Yes. We won't be commenting on May quarter-to-date results. And as I mentioned, we haven't seen significant change, and we don't really consider many of our categories as discretionary as one might think because they are investments in living and health and wellness and active lifestyle.

是的。我們不會對五月季度至今的業績發表評論。正如我之前提到的，我們尚未看到顯著變化，而且我們並不認為我們的許多產品類別像人們想像的那樣屬於可自由支配的消費品，因為它們是對生活、健康、養生和積極生活方式的投資。

But we do have a lot of levers. We have a very broad portfolio. We have opening price point products. We have everything up to the enthusiast product. And we also have opening rec level products. So a value-conscious consumer between our DICK'S stores and our value chain stores has a lot of options.

但我們確實有很多選擇。我們的產品組合非常豐富。我們有入門級產品，也有發燒友的高階產品，還有入門級休閒產品。因此，注重性價比的消費者在我們的 DICK'S 專賣店和我們的平價連鎖店有很多選擇。

Our next question comes from Mike Baker from D.A. Davidson.

下一個問題來自 D.A. Davidson 的 Mike Baker。

Okay. Guys, so a couple of margin-related questions real quick. One, the 10 basis points reduction in your EBT guidance, is that a function of Moosejaw, which I presume is lower margin than your core business, so sort of mixing that down?

好的。各位，我快速問幾個關於利潤率的問題。第一，你們將EBT預期下調了10個基點，這是因為Moosejaw的利潤率低於你們的核心業務，所以你們把這部分利潤率拉低了嗎？

And then related question. If EBT is 11.6%, can you help us with your expectation for interest expense and, as importantly, maybe more importantly, interest income and other such that we can understand what a reasonable, E-B-I-T, EBIT expectation is?

還有一個相關問題。如果 EBT 為 11.6%，您能否告知我們對利息支出的預期，以及同樣重要（或許更重要）的利息收入和其他相關指標的預期，以便我們了解合理的 EBIT 預期是多少？

Mike, let me try and take all 3 of them. So yes, you are correct that the 10 basis points reduction in the EBT guidance for full year is because of the Moosejaw. It is slightly EBT-dilutive on a full year basis, and it will add about $100 million of top line sales in 2023.

麥克，讓我試著回答這三個問題。是的，你說得對，全年EBT預期下調10個基點是因為Moosejaw的收購。它對全年EBT略有稀釋，但預計2023年將增加約1億美元的營收。

In terms of the interest expense, we guided that the interest expense with the convert now out of our mix is going to be about $55 million on a full year basis.

就利息支出而言，我們預計，由於可轉換債券已從我們的投資組合中移除，全年利息支出約為 5500 萬美元。

And interest income, I think, to me, that's a function of the cash on the balance sheet that we have and the interest rate that we are getting. I don't expect that to vary a lot quarter by quarter. The only thing that I would call out is if you -- in our prepared comments, we shared that there was an income -- there was an offset that we had in this quarter from the deferred comp, and that would be the onetime thing that if you're modeling you may want to take that off.

我認為，利息收入取決於我們資產負債表上的現金以及我們獲得的利率。我預計它不會出現季度性大幅波動。我唯一想指出的是，在我們事先準備好的評論中，我們提到本季有一筆收入，但其中包含了遞延補償的抵銷項。如果您正在進行模型分析，可能需要將這部分一次性支出扣除。

Right. And so that -- you implied that was about 40 basis points or about $11 million. So don't assume that going forward, but I guess we can do our own math on interest income rate versus your cash. And so that should get your EBIT is what you're saying?

好的。所以——你剛才暗示那大約是40個基點，大約是1100萬美元。所以以後不要想當然地認為會是這樣，但我想我們可以自己計算一下利息收入和你的現金流。所以你的意思是，這樣就能算出你的息稅前利潤（EBIT）？

Yes.

是的。

Our next question comes from John Kernan from TD Cowen.

下一個問題來自TD Cowen公司的John Kernan。

Wanted to go back to Nike and the relationship with Nike. The business scaled to $2.8 billion last year. I think it was up over 36% year-over-year. Can you talk to just the general level of allocations from Nike, inventory levels in the marketplace? I think there were some concerns that one of the footwear-focused peers is a bit over-inventoried at this point. So any comments on Nike and the relationship there and the integration of membership, how that's trending.

我想回到耐吉以及我們與耐吉的關係。去年耐吉的業務規模達到了28億美元，年增超過36%。您能否談談耐吉的整體分配水準以及市場上的庫存水準？我聽說目前有一家專注於鞋類產品的同行庫存過剩。所以，您對耐吉以及我們與耐吉的關係，還有會員制整合的進展有什麼看法？

Thanks, John. Our Nike partnership, our Nike relationship is at an all-time high. We are having significant discussions, sharing consumer insights, sharing insights on products, sharing co-branded marketing. We are working on all aspects of the business together. And as we continue to build premium full-service footwear decks, that does enhance our allocation and our ability to provide premium products across Nike and all the brands actually. So we do not feel we have an over-inventory situation with that product at all.

謝謝約翰。我們與耐吉的合作關係正處於歷史最佳時期。我們進行了深入的探討，分享消費者洞察、產品見解以及聯名品牌行銷策略。我們在業務的各個方面都密切合作。隨著我們不斷打造高端全方位服務的鞋類產品線，這確實提升了我們的庫存分配能力，也增強了我們為耐吉以及所有品牌提供高端產品的能力。因此，我們完全不認為有庫存過剩的問題。

In the Nike membership, we have over 1 million members. Very -- again, as you think about sharing strategic insights and partners, it's been a fantastic way for us to get insights into the consumer, and we continue to grow and also elevate the benefits of membership between the DICK'S and the Nike consumers.

在耐吉會員體系中，我們擁有超過100萬會員。再次強調，在分享策略洞察和合作夥伴方面，這為我們了解消費者提供了一個絕佳的途徑，我們也在不斷發展壯大，並提升迪克體育用品公司和耐吉消費者之間的會員權益。

Understood. Navdeep, maybe one quick follow-up on SG&A and how to think about SG&A rates and dollars going forward given the pivot back to square footage growth in some of the emerging concepts like House of Sport, Public Lands and the Warehouse. How do we think about the leverage point on SG&A and the investment in dollars year-over-year? It looked like SG&A was up in the teens on a dollar basis in Q1. Curious how we should think about that for the remainder of the year.

明白了。 Navdeep，關於銷售、管理及行政費用（SG&A），鑑於像House of Sport、Public Lands和Warehouse這樣的新興概念店重新轉向面積增長，我們能否快速補充一下關於SG&A費率和金額的問題？我們該如何看待SG&A的槓桿點以及年比投資金額？第一季SG&A似乎成長了十幾個百分點。我想知道我們應該如何看待今年剩餘時間的SG&A情況。

Yes. John, as we have given in our prepared comments, we expect SG&A investments to deleverage for the full year because of the investments we are making in the hourly wage rates, as Lauren called out, the talent and technology improvements we are making, whether it is in the GameChanger platform or the investments we are making in our new POS system. So those are all the investments that are within the SG&A component. In addition, we also have the SG&A increase on a year-over-year basis because of the Moosejaw business. And in Q1, we had the deferred compensation unfavorable impact within Q1 as well.

是的，約翰，正如我們在準備好的評論中所述，我們預計全年銷售、管理及行政費用（SG&A）投資將有所下降，這得益於我們對小時工資水平的投資（正如勞倫所提到的）、人才和技術方面的改進，無論是GameChanger平台還是我們對新POS系統的投資。這些都是SG&A組成部分中的投資。此外，由於Moosejaw業務，我們的SG&A也較去年同期有所成長。而且，第一季我們也受到了遞延薪資的不利影響。

But we are -- I think the general question that you're asking is we are going to be very disciplined and very targeted with the investments that we are making on these SG&A because we believe these are the right investments we need to make to drive the long-term growth opportunity that we have ahead of us.

但是，我認為你問的總體問題是，我們將對這些銷售、一般及行政費用進行非常嚴格的投資，因為我們相信這些是我們需要進行的正確投資，以推動我們面前的長期成長機會。

Our next question comes from Paul Lejuez from Citi.

我們的下一個問題來自花旗銀行的保羅‧萊胡茲。

Curious if you could talk a little bit more about the footwear business and how footwear performed across your different price spectrums and if you saw anything change on that front as you moved throughout the quarter.

我很想聽聽您能否再詳細談談鞋類業務，以及鞋類產品在不同價格區間的表現，還有隨著季度推進，您是否觀察到這方面有任何變化。

And then second, just curious about your transaction versus ticket assumptions for the rest of the year that build up to your comp.

其次，我很好奇您對今年剩餘時間的交易量與票務量的假設，以及這些假設如何最終得出您的業績。

Thanks, Paul. We don't get into details about price points within a category, but across the board, footwear was a very strong performer for us. And we're very pleased with how that category is doing.

謝謝保羅。我們不透露品類內的具體價格，但整體而言，鞋類是我們表現非常強勁的品類。我們對品類的表現非常滿意。

Transactions and ticket were very strong, as you know, leading into our 3.4% comp and we think will continue according to our guidance plans to meet that 0 to 2% for the full year. But we don't break down specifically our guidance for transaction and ticket.

如您所知，交易量和客單價表現強勁，推動我們實現了3.4%的同店銷售額成長。我們認為，按照我們先前的預期，全年成長0%至2%的目標將持續維持。但我們並未對交易量和客單價的具體成長預期進行細分。

Got it. Can you just maybe talk about categories that underperformed during the quarter?

明白了。能否談談本季表現不佳的品類？

So we had strength in our -- 3 of our core categories. So footwear, team sports and apparel. Those are 3 of our biggest categories. I wouldn't say anything "underperformed" because we've really met our expectations. Golf is resetting somewhat but still significantly under -- significantly over, excuse me, 2019 levels. But that was exactly what we expected, and we have a lot of confidence long term in the golf business. So there wasn't anything that significant that underperformed.

所以，我們在三大核心品類——鞋類、團隊運動和服裝——都表現強勁。這三大品類也是我們最大的幾個。我不會說哪個品類“表現不佳”，因為我們確實達到了預期。高爾夫業務正在逐步恢復，但仍然遠低於——或者說遠高於，抱歉，是遠高於——2019年的水平。但這完全符合我們的預期，我們對高爾夫業務的長期發展充滿信心。所以，並沒有什麼品類表現明顯不佳。

Our next question comes from Steven Forbes from Guggenheim.

下一個問題來自古根漢美術館的史蒂文·福布斯。

This is Anders Myhre on for Steven Forbes. Can you expand on the key offerings within the next-generation store format and provide some high-level commentary on how you envision the ROIC of this format compared to the House of Sport concept?

這裡是安德斯·邁爾，為您報道史蒂文·福布斯。您能否詳細介紹下一代門市模式的關鍵特色，並從宏觀層面談談您對此模式的投資報酬率（ROIC）的預期，並將其與House of Sport的概念進行比較？

Yes. The next-generation 50K is a DICK's format that's really inspired by our House of Sport experience. So it's got elevated visual presentation, elevated product assortment, elevated service, experiences, things like an all-sport batting cage, different fitting room experience. And we're very, very excited about it. I'll turn it to Navdeep. It's way too soon to start talking about the ROI of this, but we're very optimistic. Navdeep?

是的。新一代的 50K 是 DICK's 的全新模式，靈感來自我們的 House of Sport 體驗。它擁有更高級的視覺呈現、更豐富的產品種類、更優質的服務和更獨特的體驗，例如全能運動擊球籠、以及與眾不同的試衣間體驗。我們對此感到非常興奮。接下來請 Navdeep 發言。現在談論投資回報率還為時過早，但我們非常樂觀。 Navdeep？

Yes, I could add. I agree with you, Lauren. It's -- we are just a few weeks into the grand opening of the store, so it's very early to talk about the ROIC. But I will just build upon what Lauren said. We couldn't be more excited to be able to take the key learnings from our House of Sport format and bring that into a 50K format. So we are very excited about the opportunity that is ahead of us, and we are continuing to monitor this investment closely.

是的，我還可以補充一點。我同意你的看法，勞倫。我們店才開業幾週，現在談投資報酬率還為時過早。但我只想補充勞倫剛才說的話。我們非常高興能夠將我們在House of Sport模式中的關鍵經驗運用到50K模式中。所以我們對眼前的機會充滿期待，並將繼續密切關注這項投資。

Understood. Look forward to seeing the new store format next week. And as a follow-up, now that the convertible notes have retired, how are you thinking about the optimal levels of gross debt and cash on hand moving forward?

明白了。期待下週看到新的店家模式。另外，既然可轉換債券已經到期，您認為未來總債務和現金持有量的最佳水準是多少？

So we feel the debt level that we have, which is both long-term debt that we have on the balance sheet, is the optimal level of the debt. And the cash, we will continue to be conservative and have the right amount of cash and maintain also our investment-grade rating. And then beyond that, we'll continue to look to invest aggressively into the business between the growth opportunity we have with House of Sport, the new 50K format as well as other growth drivers that we have talked about.

因此，我們認為目前的債務水平，包括資產負債表上的長期債務，是最佳水平。現金方面，我們將繼續保持謹慎，持有適量的現金，並維持我們的投資等級信用評等。此外，我們將繼續積極投資於業務發展，包括House of Sport帶來的成長機會、新的50K賽事模式以及我們先前提到的其他成長動力。

Our next question comes from Chris Horvers from JPMorgan.

我們的下一個問題來自摩根大通的克里斯霍弗斯。

One question on the merchandise margin side. Do you expect it to improve sequentially over the year? So you start to lapse through some pretty big declines in the back half. Is it your expectation that merchandise margin will still be up on a year-over-year basis in '23?

關於商品毛利率方面，我有一個問題。您預計它是否會在年內較上季改善？因為下半年會出現相當大的下滑。您預計2023年商品毛利率仍將年增嗎？

Yes, Chris, this is Navdeep. Yes, our expectation is that our merchandise margin will be up both by the factor that you talked about, about the pricing action that we took in the second half of last year. We don't anticipate lapping those actions this year. In addition, we continue to believe that the freight expenses will be favorable compared to last year, which are capitalized and get released through the merch margin as well.

是的，克里斯，我是納夫迪普。是的，我們預期商品毛利率會上升，這不僅包括你剛才提到的因素，也包括我們去年下半年採取的價格策略。我們預計今年不會重複這些策略。此外，我們仍然認為運費會比去年更低，這些費用會被資本化，並透過商品毛利率釋放出來。

So then as a follow-up, sort of the 36.2% gross margin in the first quarter here, there's always some seasonal variation based on the quarter. But as you think about the structural gross margin, does that -- so 2 parts, does that reflect a normalization of promotion back to 2019 in your view? And then, I guess, how much [doesn't] it reflect the potential freight savings normalization?

那麼，接下來我想問的是，第一季36.2%的毛利率，當然會受到季度季節性波動的影響。但從結構性毛利率的角度來看，這是否反映了促銷活動恢復到2019年的正常水準？另外，我想問的是，這在多大程度上反映了潛在的運費節省的正常化？

So first of all, I think that we have moved past 2019. So we are looking much more on a year-over-year basis. And like you said, we did see, and as expected, normalization of the pricing relative to last year when the inventory was really lean. And that's the reason we saw this 136 basis points of merch margin decline.

首先，我認為我們已經走出了2019年。所以我們現在更多是從同比角度來看問題。正如您所說，我們確實看到，而且正如預期的那樣，價格相對於去年庫存非常低的情況已經恢復正常。這就是我們看到商品毛利率下降136個基點的原因。

And the freight expenses and the supply chain expenses did leverage compared to last year, and that is driven by both the domestic freight, the fuel expenses as well as the international freight being more favorable compared to last year. And we expect these trends to continue as we go through the balance of the year.

與去年相比，貨運成本和供應鏈成本確實有所上升，這主要是由於國內貨運、燃油成本以及國際貨運成本均較去年降低。我們預計這些趨勢將在今年剩餘時間內持續下去。

I would just add one point. We're not talking about 2019, but I don't want it to be lost that our gross margin has structurally improved from a pre-pandemic world. And so we're -- this is not about a normalization of promotion, not at all. We have a different gross margin structure than we did before.

我只想補充一點。我們現在討論的不是2019年，但我不想忽略一點，那就是我們的毛利率相比疫情前已經有了結構性的改善。所以，這並非代表促銷活動恢復正常，完全不是。我們現在的毛利率結構與以前截然不同。

Right. So just to clarify on the freight side, I mean freight turns with the inventory generally, and so you have not experienced the full benefit of freight normalization inside 1Q. There should be more.

好的。關於貨運方面，我指的是貨運週轉率與庫存週轉率的整體關係，所以您在第一季還沒有完全感受到貨運正常化帶來的好處。應該還會有更多好處。

No. It will continue to build as we go through the balance of the year.

不，它會在今年剩餘的時間裡繼續增長。

Our next question comes from Justin Kleber from Baird.

我們的下一個問題來自 Baird 公司的 Justin Kleber。

Just on the second half revenue outlook, [I know the 10] locations are not included in comp, but how have you factored in the lap of the apparel clearance from last year into your guide? And just remind us if you experienced any traffic or sales benefit in the core DICK'S banner last year as you were addressing some of the apparel inventory overage.

關於下半年營收展望，我知道這10家門市的業績沒有計入同店銷售額，但您是如何將去年服裝清倉甩賣的影響納入業績預測的？另外，能否提醒我們一下，去年在處理部分服裝庫存過剩問題時，DICK'S核心品牌的客流量或銷售額是否有所提升？

So in terms of the guidance that we have provided, we are confident about the comp expectation that we have given here from 0 to 2%. That includes the -- kind of the anticipated benefit that you are calling about the clearance action that we undertook last year.

因此，就我們提供的指導而言，我們對先前給予的0%至2%的補償預期充滿信心。這包括您所說的關於我們去年採取的清理行動的預期收益。

In terms of the -- we couldn't have been more pleased with the results that we have delivered here in Q1 with a plus 2.7% transaction growth and a 3.4% comp growth. Clearance was not a major factor in Q1. Our inventory was pretty clean at the end of 2022, and we continue to feel really optimistic about our inventory on hand at the end of Q1.

就業成績而言，我們對第一季的成果非常滿意，交易量成長2.7%，同店銷售額成長3.4%。清倉並非第一季業績的主要驅動因素。截至2022年底，我們的庫存狀況良好，我們對第一季末的庫存狀況依然充滿信心。

Got it. If I just follow up quickly, Navdeep, on the delta between revenue growth and comp, do we expect that to remain somewhat similar throughout the balance of this year? Does it build as you start to add obviously new stores? How do we think about that, what looks like about a 1.9% gap in the first quarter excluding the extra week obviously in 4Q?

明白了。 Navdeep，我再快速問一下，關於營收成長和同店銷售額之間的差距，我們預計今年剩餘時間裡這個差距會保持大致相同嗎？隨著新店的開設，這個差距會擴大嗎？我們該如何看待第一季大約1.9%的差距（不包括第四季多出來的一周）？

Yes. That's a good point, yes. So the 53rd week, so if you exclude the 53rd week, you would see that the Moosejaw benefit was only a partial quarter of the benefit we saw in Q1. So that will be, if you put it on a CAGR -- or sorry, total sales growth of $100 million, so that will sequentially build.

是的，你說得對。所以，如果排除第53週，你會發現 Moosejaw 帶來的收益只有第一季收益的四分之一。如果以複合年增長率（CAGR）計算——或者抱歉，是以1億美元的總銷售額成長計算——那麼收益會逐週成長。

And then the other piece, which is the Warehouse locations, those will depend on the number of stores that we have in our base. Right now, we feel that the inventory is clean and well positioned. So we'll continue to monitor that expectation as we go through the balance of the year.

另一方面，倉庫位置將取決於我們旗下門市的數量。目前，我們認為庫存充足且佈局合理。因此，我們將在今年剩餘的時間內持續關注這項預期。

I would just add, Justin, that there is a spread. You've called it out, almost 200 basis points spread. And given the fact that we have Moosejaw now, that we have value chain concepts that are going to pop-up and not in the comp base, the fact that we're returning to square footage growth, the fact that we have GameChanger in there, like that spread is a meaningful amount, and it's something to note going forward.

賈斯汀，我還要補充一點，價差確實存在。你也提到了，價差接近200個基點。考慮到我們現在有Moosejaw，考慮到我們有一些價值鏈概念即將湧現，而這些概念並不包含在可比公司的數據中，考慮到我們正在恢復建築面積的增長，考慮到我們還有GameChanger項目，這個價差相當可觀，值得我們在未來加以關注。

Our next question comes from Chuck Grom from Gordon Haskett.

下一個問題來自 Gordon Haskett 的 Chuck Grom。

Nice results. I was wondering if there's any comment on regional performance throughout the quarter and if there was an impact from weather, particularly in businesses such as golf.

結果不錯。我想了解本季各地區的業績表現，以及天氣是否對業績產生了影響，特別是像高爾夫這樣的產業。

So we do not -- we cannot attribute a weather impact and we've tried onto our Q1 business. So overall, there was no impact -- meaningful impact on the business. That said, week by week, category by category, certainly there was some weather -- extreme weather in the quarter. But on the course of the quarter or over the course of the quarter, it balanced out. So nothing to report there.

因此，我們無法將天氣因素的影響歸因於第一季的業務。整體而言，天氣對業務沒有造成實質影響。儘管如此，逐週、逐個類別來看，本季確實存在一些極端天氣的影響。但從整個季度來看，這些影響最終會相互抵消。因此，這方面沒有什麼需要報告的。

Okay. And regional, is there any difference across the country?

好的。那麼地區方面，全國各地有差異嗎？

Only as the weather moved across the country. I mean no, everybody was impacted by weather in Q1 at different times.

只有當天氣席捲全國時才會發生這種情況。我的意思是，不，第一季每個人都在不同時間受到了天氣的影響。

Nothing significant, Chuck, I would say. If it had been, we would have called it out.

沒什麼大不了的，查克，我覺得。如果有的話，我們一定會指出來的。

Okay. Okay. Fair enough. And then just like bigger picture, you called out the 25 million ScoreCard members, which is a great number. But you also called out 150 million total athletes in the database. I guess how do you guys go about proactively trying to reach back to those former customers and get them back into the loop?

好的，好的，沒問題。然後，從更宏觀的角度來看，您提到了ScoreCard的2500萬會員，這的確是個很棒的數字。但您也提到了資料庫中總共有1.5億運動員。我想知道，你們是如何主動聯絡這些老客戶，讓他們重新參與的呢？

That's a great question, Chuck. That is a major priority of our marketing group, is to get athletes who may have lapsed to come back into the fold. And we use personalization. We're very much focused on that particular area where we want to have people re-up. We also have kept our retention levels of the database high even as we brought on so many new athletes. I think we had 16 million new athletes in the last 2 years and 1 million this quarter. And our retention rates have stayed high. But we have an amazing database and an ability to go back and retarget and increasing personalization to be able to do that in a way that drives them to act.

查克，你問得好。我們行銷團隊的首要任務就是讓那些可能已經流失的運動員重新回歸。我們運用個人化行銷策略。我們非常重視這方面的工作，希望他們能夠重新加入。即使我們新增了大量運動員，資料庫的留存率也一直保持在高位。過去兩年我們新增了1600萬名運動員，本季又新增了100萬。我們的留存率一直保持在高位。我們擁有龐大的資料庫，能夠回溯並重新定位目標受眾，並透過不斷提升個人化行銷，以更有效地促使他們採取行動。

Our next question comes from Seth Basham from Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Seth Basham。

I have a gross margin follow-up question just in terms of occupancy cost and the impact on gross margin this quarter. And how are you thinking about occupancy cost dollars growth through the balance of the year?

我還有一個關於毛利率的後續問題，主要是關於入住成本及其對本季毛利率的影響。您如何看待今年剩餘時間內入住成本的成長？

Seth, this is Navdeep. The occupancy cost leveraged modestly, but nothing major to call out. And we -- occupancy cost is relatively fixed, so we will see that as a function of the top line sales expectation.

Seth，我是Navdeep。租金成本略有上漲，但沒什麼特別值得一提的。而且，租金成本相對固定，所以我們會將其與預期銷售額掛鉤。

And then to follow up on the supply chain costs, 108 basis points of leverage this quarter. Did I hear you right that you expect that to improve, meaning more leverage for the balance of the year?

接下來談談供應鏈成本，本季槓桿率為108個基點。我沒聽錯吧，您預期情況會有所改善，這意味著今年剩餘時間槓桿率會更高？

Yes. We expect the overall freight and supply chain costs to continue to improve as we go through the year. And some of this cost gets capitalized into cost of goods sold. So it will be -- between the 2 lines, on a total gross profit basis, we expect our merch margin and our gross profit to continue to improve as we go through the year.

是的。我們預計全年整體貨運和供應鏈成本將持續改善。其中一部分成本會計入銷售成本。因此，就總毛利而言，我們預計商品毛利率和毛利將全年持續改善。

Final question comes from Daniel Imbro from Stephens.

最後一個問題來自史蒂芬斯大學的丹尼爾·伊姆布羅。

A lot of mine have been asked, but a couple of follow-ups on the top line. One, within the core DICK'S stores, Lauren, you mentioned success with the footwear decks. I'm curious if we exit this year with 75% of those done, I guess what is the next initiative or kind of what's the next growth driver you see within the store and place for investment to drive that next leg of comps in the core DICK'S store?

很多人問過我很多問題，但我想就主要內容再補充幾個。首先，Lauren，你提到DICK'S核心門市的鞋類專區取得了成功。我想知道，如果我們今年完成了75%的鞋類專區，那麼下一步的舉措是什麼？或者說，你認為門市的下一個成長點是什麼？哪些方面需要投資才能推動DICK'S核心門市的同店銷售額實現下一階段的成長？

Yes. I think the thing to point out here is just our focus on new concepts and real estate growth. So between our House of Sport, the 75 to 100, and the remodeling of our 50K and where we'll go with that, we constantly are prioritizing categories that are hot. And there's many across the entire chain. It's not just a footwear story at all. So yes, we're very excited about our growth going forward.

是的。我認為需要強調的是，我們專注於新概念和房地產成長。無論是我們的運動家、75到100號店，或是50K店的翻新改造以及未來的發展方向，我們都在不斷優先發展熱門品類。而且整個連鎖店有很多熱門品類。我們絕不只經營鞋類。所以，我們對未來的發展充滿信心。

Okay. And then we dovetail into the second one about unit growth. Navdeep, in the slides, you talked about an opportunity to grow into outdoors. I think it's a $40 billion market. It sounds like a lot of the growth is going to be House of Sport on the unit side. But should we think about as you've grown the outdoor that's going to be more of a new unit-driven growth algorithm? Or is it going to be more adding outdoor categories to your existing boxes that you have?

好的。接下來我們自然而然地過渡到第二個問題，關於銷售成長。 Navdeep，你在投影片中提到了拓展戶外用品市場的機會。我認為這是一個價值400億美元的市場。聽起來，House of Sport的銷售成長將會佔據很大一部分。但是，隨著你們戶外用品業務的成長，我們是否應該考慮採用一種新的以銷售為導向的成長策略？還是說，你們會更多地在現有產品線的基礎上增加戶外用品類別？

I think it will be a combination of both. We see opportunities both within the DICK'S Sporting Goods store itself to be able to continue to be relevant to the outdoor enthusiasts. But we feel between the Moosejaw, which is an omnichannel business, as well as our Public Lands, which is also an omnichannel business, we see opportunity there to resonate even better with the outdoor athlete. So both those opportunities are great as we think about the long-term prospects in that outdoor category.

我認為這將是兩者的結合。我們看到，DICK'S Sporting Goods 門市本身就蘊藏著繼續與戶外運動愛好者保持緊密聯繫的機會。同時，我們認為，透過 Moosejaw（全通路企業）以及我們的 Public Lands（同樣是全通路企業），我們能夠更好地與戶外運動愛好者產生共鳴。因此，考慮到戶外用品領域的長期發展前景，這兩個機會都非常可觀。

That was the last question. I'll now hand back to Lauren Hobart, CEO and President, for any closing comments.

這是最後一個問題。現在我將把麥克風交還給執行長兼總裁勞倫·霍巴特，請她作總結發言。

Thank you all for your interest in DICK'S Sporting Goods, and we will see you at the end of next quarter. Thanks.

感謝各位對迪克體育用品的關注，我們下季末再見。謝謝。

This now concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參加。您可以掛斷電話了。